BZ WBK Faktor, owned by BZ WBK bank and Bibby Factors, the Polish unit of the UK’s Bibby group, will join together to offer factoring services for companies.
According to the firms' representatives, the combination of the two companies will enable them to provide complementary services - BZ WBK Faktor serves only those firms whose turnover exceeds ZL3.2m, while Bibby, which applies a different strategy of risk assessment, often accepts smaller clients, who would not be able to receive financing at banks or other factoring firms.
Last year the total value of the market for factoring services in Poland reached ZL12.157bn, compared with ZL9.711bn a year earlier. In 2003 Bibby Factors, whose turnover amounted to ZL69m, had a 0.6 percent market share. BZ WBK Faktor, a company created at the beginning of last year, had a turnover of ZL29m and accounted for 0.2 percent of the entire market.
Source: Polish News Bulletin
